14-286-113. Bonds — Limits on liability — Payment.

Arkansas Code — all titles (historical 2020) · legal_authorities

14-286-113. Bonds — Limits on liability — Payment.

14-286-113. Bonds — Limits on liability — Payment. (a)(1) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that the bonds shall be obligations only of the district, and that in no event shall they constitute any indebtedness for which the faith and credit of the state or any county or municipality or any of the revenues of the state or any county or municipality are pledged. (2) No member of the board shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purpose and intent of this subchapter, unless the board member has not acted as a reasonably prudent person would. (b)(1) The principal of, interest on, and paying agent's fees in connection with the bonds shall be secured by a lien on, and pledge of, and shall be payable from the assessments levied against the real property within the district. (2) The right to issue subsequent issues of bonds can, if the district so determines, be reserved in any authorizing resolution or trust indenture on either a parity or subordinate lien basis and upon such terms and conditions as the district may determine and specify in the particular authorizing resolution or trust indenture.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-286-113

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.